Gluskin Sheff + Associates Inc. Announces Assets Under Management and
TORONTO, July 15, 2013 /CNW/ - Gluskin Sheff + Associates Inc. (the "Company")
announced today its preliminary estimate of Assets Under Management (AUM) as
at its fiscal year ended June 30, 2013 and its preliminary unaudited estimate
of Performance Fees for the six months ended June 30, 2013.
Assets Under Management as at June 30, 2013 were approximately $6.2 billion
net of Performance Fees, including approximately $1.9 billion of AUM with a
June 30 performance year end and approximately $3.8 billion of AUM with a
December 31 performance year end. The Company estimates that Performance
Fees earned during the six months ended June 30, 2013 were approximately $11.0
The Company expects that, after an allocation to the employee bonus pool and a
provision for income taxes, the Company's Board of Directors will in due
course declare a special dividend in respect of these Performance Fees.
As previously recorded, the Company earned Performance Fees of $33.5 million
during the six months ended December 31, 2012. A special dividend of $0.65
per share was paid on March 15, 2013 in respect of these Performance Fees.
Founded in 1984, Gluskin Sheff + Associates Inc. is one of Canada's
pre-eminent wealth management firms serving high net worth private clients and
institutional investors. Gluskin Sheff offers equity and fixed income
investment portfolios in addition to being one of the largest managers of
alternative investments in Canada. The Company's Subordinate Voting Shares are
listed on the Toronto Stock Exchange under the symbol "GS". For more
information about the Company, please visit our website at
This press release may contain forward-looking statements relating to Gluskin
Sheff + Associates Inc.'s business and the environment in which it operates.
These statements are based on the Company's expectations, estimates, forecasts
and projections. They are not guarantees of future performance and involve
risks and uncertainties that are difficult to control or predict. These risks
and uncertainties are discussed in the Company's regulatory filings available
on the Company's website at www.gluskinsheff.com or at www.sedar.com. Actual
outcomes and results may differ materially from those expressed in these
forward-looking statements. Readers, therefore, should not place undue
reliance on any such forward-looking statements. Further, a forward-looking
statement speaks only as of the date on which such statement is made. The
Company undertakes no obligation to publicly update any such statement or to
reflect new information or the occurrence of future events or circumstances.
Included in this press release are certain financial terms (including AUM)
that the Company utilizes to assess the financial performance of its business
that are not measures recognized under International Financial Reporting
Standards (IFRS). These non-IFRS measures do not have any standardized
meanings prescribed by IFRS and should not be considered alternatives to net
income or any other measure of performance determined in accordance with IFRS.
Therefore, these non-IFRS measures are unlikely to be comparable to similar
measures presented by other issuers. For additional information regarding the
Company's use of non-IFRS measures, including the calculation of these
measures, please refer to the "Non-IFRS financial measures" section of the
Company's Management's Discussion and Analysis and its financial statements
available on the Company's website and on the SEDAR website located at
David Morris Chief Financial Officer Gluskin Sheff + Associates Inc.
Phone:416 681 6036 Fax:416 681 6380
SOURCE: Gluskin Sheff + Associates Inc.
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CO: Gluskin Sheff + Associates Inc.
NI: FIN ERN
-0- Jul/15/2013 16:08 GMT
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